Financial Manager Issues Significant Report On Detroit

DETROIT — The city of Detroit will finish its current budget year with a $162 million cash-flow shortfall and doubts about the financial health of its pension funds, according to a new report by the city’s emergency manager that lays out the financial free fall in stark detail. The report, mandated by the state after […]

Fire Panel To Review Personnel Changes In Wake Of Pension Flap

FAIRFIELD, CT &#8211 The Fire Commission has decided to review future lateral personnel transfers and provisional promotions in the wake of controversy that erupted after an anonymous letter to the finance board chairman last December revealed a series of pre-retirement staff changes that boosted pension payments. Several firefighters were either provisionally promoted or transferred to […]

New York Authorities In Wave Of Pension Payment Deferrals

NEW YORK &#8211 For Niagara Falls, a city in New York staring at the prospect of insolvency in the face of a weak local economy and soaring employee costs, diverting money earmarked for pensions to cover short-term spending needs seemed like the only option. “We don’t like doing it, so this is sort of a […]

Police, Fire Pension Deal To Save Jacksonville Taxpayers More Than $1B Over 30 Years

JACKSONVILLE, FL &#8211 Amid much fanfare, Mayor Alvin Brown announced a new pension reform deal Wednesday afternoon at city hall with pension, fire, and police union officials alongside him. Mayor Brown called it a great day for the city. “We have an agreement that not only represents a fair deal, but an agreement that will […]